ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
- Start date
- Status
Quote from Buy1Sell2:
Here is a 240 minute chart. Please comment if you will
My observations:
that's around 15 days cycle, where all attempts to break and sustain move above 20MA have been unsuccessful. First clear BLD in RSI has happened in the ;last 2 days paired with macd crossover, histogram above 0 level (though not clear divergence pattern present ie lower low to higher low). Perhaps adding CCI would be beneficial to see a clearer formation to the upside. As weekly chart is still bearish, perhaps a move to higher bollinger band is quite possible here, though IMO unsustainable due to market sentiment in general. I have very little understanding in the economics, proper interpretation of primary indicators would help, but from I've been reading and things I observe in real life here in the UK (housing/retail spending/etc) things are not looking positive at all and the smell of recession is in the air, too much credit taken and interest rates keep increasing...
Anyway, IMO possible move to higher bollinger band to give a false indication that we simply had a pullback of the highs and a further sell off taking S&P below 1200 level.
I'd say how about not adding any indicators except that ma up there and swing trading ES. No need for oscillators. Trade break of trendlines (TL) and flags on that tf and you should be a happier (wealthier) man/woman.
Trading higher tfs is the way to go in terms of profits and psychology. Would one rather watch the 1min chart twitching or just place a trade on a 240min chart, place a stop, and leave it for few hours?
Based on experience and results, the expectancy on such tfs is way high and so is one's life's expectancy
Give it a try for a month or 2, you'll notice the difference in bottomline and psychology. Good luck.
Cariocas
Trading higher tfs is the way to go in terms of profits and psychology. Would one rather watch the 1min chart twitching or just place a trade on a 240min chart, place a stop, and leave it for few hours?
Based on experience and results, the expectancy on such tfs is way high and so is one's life's expectancy
Give it a try for a month or 2, you'll notice the difference in bottomline and psychology. Good luck.Cariocas
Quote from Cariocas:
I'd say how about not adding any indicators except that ma up there and swing trading ES. No need for oscillators. Trade break of trendlines (TL) and flags on that tf and you should be a happier (wealthier) man/woman.
Trading higher tfs is the way to go in terms of profits and psychology. Would one rather watch the 1min chart twitching or just place a trade on a 240min chart, place a stop, and leave it for few hours?
Based on experience and results, the expectancy on such tfs is way high and so is one's life's expectancy
Cariocas
=============
Agree with taking some of those indicators off
Like a variation of spike500 multiple time frame;
and a 240 like a 60 minute candle chart can be quick to find support /resistance, but no thanks on that as a main work chart
Also agre with the personal decision of seldom using a 1 minute chart; but thats a personal decision. Frankly if i had to chose brtween a 1 thru 240 minutes , [5 minutes selectively] would be closer than 240 minutes.
What sort of stop do you use on these type of trades, I assume it would be around 2-3% risk, but more interested point wise. I can't not agree that longer time frames offer more potential, though I do not quite understand the principle in practise, looking at B1's chart, where do you see buy/sell opportunities using your strategy, doesn't matter if it is hindsight. Also, on the chart I see more opportunities of trading trend range, rather than breakouts of trend lines.
Thanks.
I'm still long here and haven't closed any trades . Today's daily chart (if it stays the way it is now--and there's a long way to go) will complete the Bullish Divergence on the histogram. There is already RSI Bullish Divergence on the daily chart. This makes the case stronger for short term low being in place .
As requested. I've marked couple of entries w/stops & 1st target (R1). This is the dumbest (easiest) system one could ever trade. Also, you'll see the slanted entry lines on last few setups - just apply entry/exit principles. Position is divided by 3. There're few rules but chart should give an idea about potential (captures 4+points/contract/setup). Less stress for sure. Good luck.
Cariocas
Cariocas
- Status